If 2025 taught us anything, it's that economic coherence isn't guaranteed. We spent much of the year navigating data that made sense individually but just didn’t reconcile when viewed as a whole. Labor markets weakened with rising unemployment, yet consumer spending held firm. AI capex ran hot while housing sat in recession. Policy alternated between […]
In the past, we've used the phrase "see the forest for the trees," and that's probably never been more relevant than today. The current environment presents extraordinary levels of market noise – trends that appear sustainable but aren't, fundamentals that seem weak but prove resilient, and policy impacts that look benign but carry meaningful consequences. […]
In our last note, we mentioned that 2025's journey might include some air pockets along the way – and we've certainly hit one recently. The good news is that we were prepared for this turbulence. The markets have faced increasing headwinds this quarter, largely stemming from policy developments. As we cautioned previously, while markets initially […]
In our latest Doxa Takes episode, we explore why 2025's economic story might be more nuanced than the headlines suggest. While the narrative of resilience remains intact - backed by steady consumer spending and moderating inflation - we're seeing signals that warrant a more vigilant approach to risk management in the year ahead. The foundation […]
This afternoon, the Federal Reserve is poised to cut interest rates, marking the first step on their journey to normalization. This action kicks off multiple rate reductions expected to unfold throughout 2025+, creating a new cutting cycle that will ripple through markets and the broader economy in the months ahead. To provide deeper insights at […]
